To report the forecast position for 2024/25 at Quarter 2 (September 2024), including explanation and analysis of the drivers for the material budget variances, and to outline current and planned recovery activity to reduce the forecast overspend. To provide assurance that progress has been made towards delivery of the agreed revenue budget and service delivery targets, and that the reasons for major variances are understood and are being addressed to the cabinet’s satisfaction.

The forecast 2024/25 outturn shows a net overspend of £10.2 million at Quarter 2, before management action estimated at £8.2 million to reduce the forecast overspend to £2.0 million

That: Cabinet

a) Reviews the financial forecast for 2024/25, as set out in the appendices A-D, and  identifies any additional actions to be considered to reduce forecast cost pressures;

b) Notes the progress in delivery of savings targets for 2024/25; and

c) Approves the transfer of Earmarked Reserve balances to establish a Contingency  Reserve to manage the risk of unforeseen demand and cost pressures.

1. Cabinet may choose to review financial performance more or less frequently; or request alternative actions to address any identified areas of variance from budget, including referral to the relevant scrutiny committee.